Ethereum (ETH 5.34%) is seeing gains in Tuesday's trading. Over the past 24 hours of trading, the cryptocurrency's token price was up 3% as of 1:15 p.m. ET. Meanwhile, Bitcoin was actually down 0.4% over the same stretch.
Ethereum's token is rising today thanks to news of increasing support from large buyers. BitMine Immersion Technologies announced that it plans on issuing an additional $20 billion worth of stock and using the funds from the sale to purchase more Ethereum.
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Ethereum rises on crypto treasury strategy developments
BitMine Immersion submitted a filing to the Securities and Exchange Commission (SEC) detailing plans to increase the total value of its planned stock sales by $20 billion. On the heels of the new stock sale plans, the total value of BitMine's upcoming share offerings has risen to approximately $24.5 billion. The company, which saw Fundstrat's Tom Lee become chairman of its board of directors at the end of June, will be using funds generated from its stock sales to purchase more of Ethereum's token.
What's next for Ethereum?
While Ethereum saw a valuation pullback across the first four months of 2025, its token price has surged in recent months and is now up roughly 26% year to date. Increasing governmental and institutional support has helped power a strong rally for the cryptocurrency.
In particular, the passage of the GENIUS Act for regulating stablecoins has been an important catalyst for Ethereum recently. Many of the market's leading stablecoins are built on Ethereum's network, and increasing adoption for these tokens has the potential to be a powerful demand catalyst for Ethereum's token. While the cryptocurrency remains a high-risk investment, some important dynamics appear to be shifting in the token's favor this year.
